Eli Lilly Stock Forecast

Eli Lilly stock downgraded to Sell Candidate
(Updated on May 01, 2024)

LLY Signals & Forecast

The Eli Lilly stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $747.33 and $759.14. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -1.96%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Eli Lilly stock

On the downside, the stock finds support just below today's level from accumulated volume at $725.38 and $706.20. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Eli Lilly finds support just below today's level at $725.38. If this is broken, then the next support from accumulated volume will be at $706.20 and $705.03.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $14.36 (1.87%) between high and low. For the last week, the stock has had daily average volatility of 2.13%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (LLY) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect Eli Lilly and Company to open at $775.87, and during the day (based on 14 day Average True Range), to move between $756.88 and $796.62, which gives a possible trading interval of +/-$19.87 (+/-2.56%) up or down from last closing price. If Eli Lilly and Company takes out the full calculated possible swing range there will be an estimated 5.12% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $781.10 (0.56%) than the support at $725.38 (6.61%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Eli Lilly and Company stock A Buy?

Eli Lilly holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.

Current score: -2.690 Sell Candidate Downgraded

Predicted Opening Price for Eli Lilly and Company of Thursday, May 2, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.